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Faroe Petrol Share News (FPM)
Share News for Faroe Petrol (FPM)
| Share Price: 113.75 | Bid: 113.25 | Ask: 113.50 | Change: 0.00 (0.00%) |  | ||||||
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UPDATE 1-Faroe Petroleum to swap some assets; sees higher output
Mon, 11th Apr 2011 09:12
* To swap interest in Maria field for three fields with Petoro
* Deal to boost output
* Sees 2011 average production of 9,200 boepd
* Shares up 5 pct
April 11 (Reuters) - North Sea-focused oil explorer Faroe Petroleum said it would swap its interest in a key oil field for stakes in three other prospects with Norwegian state-owned oil firm Petoro, in a deal that will substantially increase its 2011 output.
The Aberdeen-based explorer, which operates in the UK and Norwegian North Sea, said the deal would add more than 7,300 barrels of oil equivalent per day (boepd) to its 2011 output and it now expects average production of 9,200 boepd this year.
The company said it would swap its interest in the Maria prospect in the Norwegian North Sea for stakes in the Njord, Brage and Ringhorne fields.
Faroe, which had an average production of 1,200 boepd for 2010, said the new fields contained proved and probable reserves of 14 million barrels of oil equivalent.
The explorer estimates that the three fields might have generated a pretax profit of 98.3 million pounds ($158.6 million) and revenue of 158.9 million pounds in 2010.
In July, Faroe found oil at one of its wells in the Maria prospect. The explorer has a 30 percent stake in the field.
Faroe shares the Maria prospect with German BASF subsidiary Wintershall, Concedo ASA, Spring Energy Norway AS and Centrica Resources.
Faroe's shares, which have gained about 46 percent in value over the past year, rose more than 5 percent to 187 pence at 0753 GMT on Monday on the London Stock Exchange. ($1 = 0.620 British Pounds) (Reporting by Anirban Sen in Bangalore; Editing by Saumyadeb Chakrabarty) (anirban.sen@thomsonreuters.com; within UK +44 207 542 7717; outside UK +91 80 4135 5800; Reuters Messaging: anirban.sen.thomsonreuters.com@reuters.net)
Keywords: FAROEPETROLEUM/
COPYRIGHT
Copyright Thomson Reuters 2011. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* To swap interest in Maria field for three fields with Petoro
* Deal to boost output
by 7,300 boepd
* Sees 2011 average production of 9,200 boepd
* Shares up 5 pct
April 11 (Reuters) - North Sea-focused oil explorer Faroe Petroleum said it would swap its interest in a key oil field for stakes in three other prospects with Norwegian state-owned oil firm Petoro, in a deal that will substantially increase its 2011 output.
The Aberdeen-based explorer, which operates in the UK and Norwegian North Sea, said the deal would add more than 7,300 barrels of oil equivalent per day (boepd) to its 2011 output and it now expects average production of 9,200 boepd this year.
The company said it would swap its interest in the Maria prospect in the Norwegian North Sea for stakes in the Njord, Brage and Ringhorne fields.
Faroe, which had an average production of 1,200 boepd for 2010, said the new fields contained proved and probable reserves of 14 million barrels of oil equivalent.
The explorer estimates that the three fields might have generated a pretax profit of 98.3 million pounds ($158.6 million) and revenue of 158.9 million pounds in 2010.
In July, Faroe found oil at one of its wells in the Maria prospect. The explorer has a 30 percent stake in the field.
Faroe shares the Maria prospect with German BASF subsidiary Wintershall, Concedo ASA, Spring Energy Norway AS and Centrica Resources.
Faroe's shares, which have gained about 46 percent in value over the past year, rose more than 5 percent to 187 pence at 0753 GMT on Monday on the London Stock Exchange. ($1 = 0.620 British Pounds) (Reporting by Anirban Sen in Bangalore; Editing by Saumyadeb Chakrabarty) (anirban.sen@thomsonreuters.com; within UK +44 207 542 7717; outside UK +91 80 4135 5800; Reuters Messaging: anirban.sen.thomsonreuters.com@reuters.net)
Keywords: FAROEPETROLEUM/
COPYRIGHT
Copyright Thomson Reuters 2011. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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